Texas

Grandscape-Wheel

By Taylor Williams North Texas is attracting new and existing entertainment concepts at a frenetic pace as operators of these facilities seek to position themselves squarely in pathways of major growth and capitalize on any remaining pent-up demand from the pandemic. According to a 2022 report from the North Central Texas Council of Governments, the region’s population surpassed 8 million last year. In addition, more than 20 cities in North Texas — the area that includes and surrounds the Dallas-Fort Worth (DFW) metroplex — saw their populations swell by 10 percent or more on a year-over-year basis between mid-2021 and mid-2022. This growth inevitably encompasses key demographics that entertainment operators covet, including families with children and young working professionals. High-paying jobs continue to flow into DFW in the form of corporate relocations and consolidations. Developer KDC recently began construction on Wells Fargo’s 850,000-square-foot regional campus in Irving. New pieces of the PGA of America’s headquarters campus in Frisco are coming on line every quarter and sparking feverish development in surrounding neighborhoods. Global engineering consultant AECOM and construction machinery manufacturer Caterpillar are also in the process of relocating their headquarters from Los Angeles to Dallas, among others.  Checking the two boxes …

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DALLAS — ZOM Living has received a $109 million loan for the refinancing of Atelier, a 41-story luxury apartment tower in the Dallas Arts District. The property consists of 417 units, including 53 lofts. Floor plans range from 500 to 2,300 square feet. Designed by Stantec, Atelier features a lobby meant to emulate an art gallery. Local organizations showcase rotating public art installations and host events on site. The property also features 15,000 square feet of ground-level retail space that is leased to dining, arts and entertainment concepts. Atelier is roughly 93 percent leased. Amenities include an infinity edge pool, yoga lawn, outdoor lounge, fitness center, coworking space, private wine lockers, an entertainment lounge, catering kitchen, resident market and pet spa. The building is within walking distance of the AT&T Performing Arts Center, the Dallas Museum of Art, the Crow Museum of Asian Art and the Nasher Sculpture Center. ZOM continues to expand its footprint in the Texas market, where it has had an active presence for the past 20 years and has completed over a dozen residential projects. “This refinancing underscores the strength of the Texas market, which is experiencing a surge in housing demand and leads the nation …

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CYPRESS, TEXAS — Clay Residential, an affiliate of locally based firm Clay Development, has broken ground on Willow at Marvida, a 368-unit single-family rental project in the northwestern Houston suburb of Cypress. The site is located within Marvida, an 856-acre master-planned community by Land Tejas. The development will consist of 134 detached homes and 234 attached villas. Residences will feature three-, four- and five-bedroom floor plans, will range in size from 1,382 to 2,900 square feet and will have fenced-in backyards. Residents will have access to Marvida’s amenity center, which is under construction and will ultimately house a pool, clubhouse, fitness center, playground and a dog park. Full completion is slated for 2026.

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WACO, TEXAS — Marcus & Millichap has brokered the sale of a 122-room Holiday Inn & Suites hotel in Waco. The hotel was built on 2.8 acres in 2008 and offers a pool, fitness center and a business center.. Skyler Cooper of Marcus & Millichap represented the seller, undisclosed limited liability company, in the transaction. Cooper also procured the buyer, Dallas-based CenterPoint Hospitality. Chris Gomes and Allan Miller, also with Marcus & Millichap, assisted in closing the deal as supporting brokers.

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CYPRESS, TEXAS — Colliers has negotiated a 46,614-square-foot industrial lease at 290 Northwest Business Center in Cypress, a northwestern suburb of Houston. The property was completed in 2019. Jason Tangen and Barrett Gibson of Colliers represented the landlord, KBUSA Properties, in the lease negotiations. The Lish Co. represented the tenant, Premier Stair & Door.

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HOUSTON — Partners Real Estate has arranged the sale of a 22-unit apartment building located at 4525 Weaver Road in North Houston. According to LoopNet Inc., the two-story building was constructed on a half-acre site in 1972 and renovated in 2022. Ryan DeGennaro of Partners represented the seller, Mell Investment Group, in the transaction. Enrique Moreno Jr. of eXp Commercial represented the undisclosed buyer.

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AUSTIN, TEXAS — Design and construction firm The Beck Group has signed a 10,400-square-foot office lease at Centro, a mixed-use development in Austin that is owned by locally based investment firm Riverside Resources. Taylor McHargue and Jay Lamy of AQUILA Commercial represented The Beck Group, which plans to take occupancy by the end of the year, in the lease negotiations. Riverside Resources was self-represented.

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Willy Walker Multifamily Investment

By Willy Walker, CEO of Walker & Dunlop I recently had the pleasure of sitting down to talk with some prominent members of the Walker & Dunlop team, including Kris Mikkelsen, executive vice president of investment sales, Aaron Appel, senior managing director of capital markets, and Ivy Zelman, executive vice president of research and securities. In this episode of the Walker Webcast, “State of CRE,” we covered some of the most prominent issues the commercial real estate industry is facing, as well as some headwinds it will continue to face in the future. Changes in Homebuilding and Consumer Spending Although homebuilders had to offer incentives when rates first started increasing last year, they are still seeing a steady demand for homes, as demand still heavily outpaces supply. This imbalance is seen in the new and existing home market. Single-family homes in many markets across the country are in multiple offer situations, indicating that single-family residential real estate is still strong. This is incredible, given the fact that many existing homeowners are locked into mortgage rates in the 2-5 percent range, giving them little reason to move out of their current home. How Mortgage Deals Are Currently Financed Although we are …

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HOUSTON — CBRE has brokered the sale of a portfolio of eight industrial buildings totaling approximately 1.2 million square feet that are located throughout the Houston area. The buildings feature a mix of front-load and cross-dock configurations and clear heights ranging from 20 to 34 feet. At the time of sale, the properties were fully leased to a roster of tenants with a weighted average remaining lease term of 3.75 years. ATCAP Partners purchased the portfolio from CenterPoint Properties for an undisclosed price. Nathan Wynne, Randy Baird, Jonathan Bryan, Ryan Thornton and Eliza Bachhuber of CBRE brokered the deal.

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HOUSTON — Provident Realty Advisors will develop Port 99, a 1.2 million-square-foot industrial project that will be located near Port Houston on the city’s southeast side. The development’s multiple buildings will have front-load and cross-dock configurations, clear heights of 32 to 40 feet, 437 parking stalls and 1,184 trailer parking stalls. Warren Hitchcock and Emily Zarcaro of Northmarq arranged equity from an undisclosed source on behalf of Provident Realty Advisors. Construction will begin before the end of the current quarter and is expected to last about a year. Lee & Associates is marketing the project for lease.

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